Detailed information on total compensation for senior public sector executives in B.C. shows the ongoing measures taken by government to increase transparency and control pay, perks and benefits are working.
Total compensation is up marginally by 1.6% over 2013/14, largely due to an additional Crown corporation, Destination BC, and five additional executives being disclosed. On average, base salaries were down by 1.34%, while the number of executives receiving holdbacks, bonuses or incentive pay decreased by 6%. The top 10 executive list has seen a 24% overall decrease in bonus and incentive pay.
Government has taken a number of actions in recent years to further align executive compensation with the priorities and fiscally prudent principles of government:
- On July 10, 2014, government provided direction to public sector entities on standards of conduct, including post-employment restrictions.
- On June 11, 2014, implemented the new taxpayer accountability principles that strengthen accountability, promote cost control, and ensure public sector entities operate in the best interest of taxpayers.
- In May 2014, revised disclosure guidelines to further clarify and enhance the transparency of the compensation paid to CEOs and the top four decision-makers working at public sector entities.
- In July 2012, introduced a new executive compensation framework for Crown corporations.
In conjunction with the release of Public Accounts 2013/14, this is government’s seventh annual executive compensation disclosure, which includes the total compensation of the CEO and top four decision-makers with a base salary of $125,000 or above for each public-sector employer in the preceding fiscal year. Disclosure includes base pay, pensions, benefits, bonuses and pre- and post-employment contracts. B.C. continues to be a leader in executive compensation disclosure in Canada.
Executive compensation disclosures: http://www.fin.gov.bc.ca/psec/disclosure/index.htm
List of top 10 executive compensation disclosures: http://ow.ly/zbvXY
Standards of conduct guidelines for the B.C. public sector: http://ow.ly/z0teS
Taxpayer accountability principles: http://gov.bc.ca/crownaccountabilities
Public sector executive compensation reporting guidelines: http://www.fin.gov.bc.ca/psec/disclosuredocs/guide-executive-compensation-disclosure.pdf
Ministry of Finance